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Home / Author Archives: M. Faizan

Author Archives: M. Faizan

Haroon lauds contribution of tax bar associations in broadening of tax base

Photo of tax bar meeting

ISLAMABAD: Special Assistant to Prime Minister on Revenue/Federal Minister Haroon Akhtar Khan has said the government values the contribution of tax bar associations in the country towards broadening of tax base and their proposals on improving the tax regime would be welcomed for the next budget. “We appreciate the good work being done by the tax bar associations and it ... Read More »

Govt aiming for 6pc GDP growth during FY17-18: Haroon        

Photo of Haroon A khtar meeting turkish

ISLAMABAD: Special Assistant to Prime Minister on Revenue and Federal Minister Haroon Akhtar Khan has said the government is aiming for a 6 percent GDP growth this year on the basis of strong economic indicators, he said while talking to a delegation of Turkish investors and businessmen who as part of the Turkish-Pakistan Business Council met him at the FBR ... Read More »

FBR issues tax notice of Rs 420m to CEO of Bahria Town Ahmed Riaz Malik

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ISLAMABAD: The Federal Board of Revenue (FBR) has completed the investigations against the Chief Executive Officer (CEO) of Bahria Town, Ahmed Ali Riaz Malik, regarding Panama Papers and issued him a tax notice of Rs 420 million. This is the first big name among the Pakistanis who came under the tax net as a result of Panama Leaks. The name ... Read More »

FBR detects two cases of tax evasion worth Rs 693.72m by power companies

tax evasion

ISLAMABAD: The Federal Board of Revenue (FBR) has detected two alleged cases of tax evasion amounting to Rs 693.72 million by two power generation companies. According to details, Faisalabad Electric Supply Company (NTN 3048930-0) registered with Regional Tax Office Faisalabad purchased electricity of Rs 6,139.09 million from different IPPs and National Transmission and Dispatch Company. Against these purchases of electricity, ... Read More »

Khawaja Adnan Zaheer to become new Member Operations Inland Revenue

Chief Commissioner Adnan Zaheer

ISLAMABAD: Federal Board of Revenue (FBR) Member Operations Inland Revenue Khawaja Tanvir Ahmed will retire from service on 10th of February 2018 (Saturday). Sources told Customs Today that the government offered him extension till May 2018 but he refused to avail the chance. After the retirement, he has planned to join the Federal Tax Ombudsman office as Advisor.  Sources said ... Read More »

FBR increases percentage of GST on POL products

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ISLAMABAD: The Federal Board of Revenue (FBR) has increased the percentage of General Sales Tax on petroleum products while on other side the Islamabad High Court (IHC) issued notices to the petroleum ministry, finance ministry and Oil and Gas Regulatory Authority (OGRA) on a petition filed against the hike in fuel prices. Justice Shaukat Aziz Siddiqui directed the respondents to ... Read More »

FBR surpasses Rs 2 trillion mark in seven months of FY2017-18

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ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed Rs 2 trillion mark in first seven months of the current fiscal year. It may be recalled that the net revenue collection for the entire year was less than Rs 1.95 trillion when the present government took over in 2013. The provisional collection for the month of January 2018 was Rs ... Read More »

Hurried privatisation of PIA will create problems for next govt: Senate Committee

SENATOR MOHSIN AZIZ CHAIRMAN SENATE STANDING COMMITTEE ON PRIVATIZATION AND STATISTICS PRESIDING OVER A MEETING OF THE COMMITTEE, AT PARLIAMENT HOUSE ISLAMABAD ON JANUARY 30, 2018.

ISLAMABAD: The Senate Standing Committee on Finance, Privatization and Statistics, in its meeting, has observed that hurried privatization of PIA will land the next government in trouble and the current government that has only four months left in the office should not privatize the national flag carrier. The committee recommended that carving out process may be conducted and evaluation procedures ... Read More »

17 field formations, 428 withholding agents cause loss of Rs 14.47b to national exchequer

loss

ISLAMABAD: At least 17 field formations of the Federal Board of Revenue (FBR) and 428 withholding agents did not deduct tax while making payments on purchase of goods, resulting in loss of Rs 14.47 billion to the national exchequer. According to the documents available with Customs Today, the irregularity resulted in non-realization of tax amounting to Rs14,474.60 million. The documents ... Read More »

Govt considering various proposals to facilitate businessmen: Haroon

Photo of SA to PM on Revenue Haroon Akhtar Khan meeting representatives of trade bodies at FBR House

ISLAMABAD: Representatives of various trade associations met Special Assistant to Prime Minister on Revenue and Federal Minister Haroon Akhtar Khan here at FBR House to discuss with him various proposals aimed at further facilitating the business community and boosting government revenues. Those who met the minister included office-bearers and representatives from the Pakistan Tyres andTubes Manufacturers Association as well as ... Read More »

FBR launches new app to facilitate taxpayers

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ISLAMABAD: In continuation of the policy of facilitation of taxpayers and ensuring ease of doing business, the Federal Board of Revenue (FBR) has launched Asynchronous Data eXchange, an application, that allows taxpayers and e-intermediaries to prepare the data related to sales tax returns, sales invoices, debit, and credit notes as well as withholding tax in offline mode. With the launching of ... Read More »

FBR cricket team defeats Rawalpindi Strikers Club by 42 runs

Photo of FBR Criket Team CAPTAIN SAEED CHAUDHRY PRESENTING BOOOKET TO MR. ARSSHER TARIQ SALEEM COMMISSIONER BTB FBR HQ 2

ISLAMABAD: The cricket team of the Federal Board of Revenue has defeated Rawalpindi Strikers Club by 42 runs. The friendly match was played at the Junoon Cricket Ground, G-10 Islamabad. After winning the toss, the FBR chose to bat first. The FBR team scored 193 runs in 20 overs. From the Federal Board of Revenue’s side, Saeed Chaudhry was the ... Read More »

Adjustment of real estate valuation rates to boost revenue collection

real estate

ISLAMABAD: The recent adjustment of real estate valuation rates in selected areas of major urban centers of the country is aimed at providing level playing field to all and is likely to boost revenue collection and promote healthy growth of the real estate sector in the long run. The adjustment of property valuation rates has been carried in only a ... Read More »

Senate commerce committee terms Framework 2015-18 jugglery of words

SENATOR SYED SHIBLI FARAZ, CHAIRMAN SENATE STANDING COMMITTEE ON COMMERCE AND TEXTILE INDUSTRY PRESIDING OVER A MEETING OF THE COMMITTEE AT PARLIAMENT HOUSE ISLAMABAD ON JANUARY 16, 2018.

ISLAMABAD: The Senate Standing Committee on Commerce has termed the Strategic Trade Policy Framework (STPF) 2015-18 as jugglery of words with observation that it has failed to produce desired results in many fields, including exports. The monetary policy, tariff and tax regime, and industrial and investment policies, were one of the key points of the STPF 2015-18.  The STPF 2015-18 ... Read More »

No taxation if it harms industry & weakens sources of revenue generation

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ISLAMABAD: Special Assistant to PM and Federal Minister for Revenue Haroon Akhtar Khan has said the government has always stood for a just and equitable taxation which boosts the economy. “There is no point of going for taxation if it harms the industry and weakens the very sources of revenue generation.” He said this while talking to a delegation of ... Read More »

No reversal of policy on real estate valuation: FBR

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ISLAMABAD: The Federal Board of Revenue (FBR) has also taken strong exception to news reports appearing in a section of the press claiming the downward revision of real estate valuation for some areas, partially reversing the policy decision taken in 2016 for adoption of market value of real estate for the purposes of collection of federal taxes. As per details, ... Read More »

Govt aiming for pro-industry budget for next FY: Haroon Akhtar

Haroon Akhtar Khan 1

ISLAMABAD: Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan has said the government is aiming for a businessman-friendly and pro-industry budget for the next fiscal year.”We want the next budget to be a reflection of our intent to improve the areas of economy which have not kept up with growth in other sectors, as well as the aspiration ... Read More »

Rawalpindi Customs seizes Iranian-origin smuggled apples worth Rs 2m

washingtonapples

RAWALPINDI: Directorate of Customs Intelligence and Investigation has foiled an attempt to smuggle 9,000 kilogram Iranian apples worth more than Rs 2 million and seized all the 924 crates along with truck. It is pertinent to mention here that half US dollar per kilogram customs duty is imposed on import of foreign origin apples. The seized Apples will be sold ... Read More »

FBR chairman Pasha congratulates Haroon on his appointment as federal minister

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ISLAMABAD: Chairman Federal Board of Revenue (FBR), Tariq Mahmood Pasha and top management of the FBR congratulated Haroon Akhter Khan, on his elevation as the federal minister. Haroon Akhtar Khan, who was Special Assistant to Prime Minister, has been granted status of Federal Minister. FBR Chairman Tariq Pasha and other officials of the board visited the office of Haroon Akhtar ... Read More »

NBP President assures FBR’s FATE wing of making his subordinates file Income Tax returns

Photo of FBR and NBP 1

ISLAMABAD: A team of the Facilitation And Taxpayer Education (FATE) wing of the FBR met the top leadership of The National Bank of Pakistan (NBP) as part of FBR’s taxpayers’ outreach programme started last year to create an awareness and understanding of the advantages of filing of tax returns and extending FBR’s help and facilitation to the employees of large ... Read More »